Fate Therapeutics (NASDAQ:FATE) Shares Gap Up to $5.38

Fate Therapeutics, Inc. (NASDAQ:FATE - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $5.38, but opened at $5.50. Fate Therapeutics shares last traded at $5.44, with a volume of 104,858 shares.

Analyst Upgrades and Downgrades

FATE has been the subject of a number of research analyst reports. Bank of America raised their price target on Fate Therapeutics from $2.00 to $6.00 and gave the stock an "underperform" rating in a research note on Thursday, March 28th. HC Wainwright reissued a "neutral" rating and issued a $7.00 price objective on shares of Fate Therapeutics in a research report on Tuesday, March 19th. BMO Capital Markets raised their target price on shares of Fate Therapeutics from $6.00 to $7.00 and gave the stock a "market perform" rating in a research report on Tuesday, February 27th. Oppenheimer reiterated a "market perform" rating on shares of Fate Therapeutics in a report on Tuesday, February 27th. Finally, Needham & Company LLC restated a "hold" rating on shares of Fate Therapeutics in a report on Thursday, April 11th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Fate Therapeutics presently has a consensus rating of "Hold" and a consensus target price of $6.73.

Fate Therapeutics Price Performance

The business has a 50-day moving average of $6.98 and a two-hundred day moving average of $4.45. The company has a market cap of $522.99 million, a P/E ratio of -3.24 and a beta of 1.66.

Fate Therapeutics (NASDAQ:FATE - Get Free Report) last released its quarterly earnings results on Monday, February 26th. The biopharmaceutical company reported ($0.45) earnings per share for the quarter, beating analysts' consensus estimates of ($0.57) by $0.12. The business had revenue of $1.68 million for the quarter, compared to analysts' expectations of $0.85 million. Fate Therapeutics had a negative net margin of 253.30% and a negative return on equity of 38.17%. During the same period last year, the business earned ($0.58) EPS. Equities analysts anticipate that Fate Therapeutics, Inc. will post -1.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Fate Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of FATE. Dark Forest Capital Management LP lifted its holdings in shares of Fate Therapeutics by 477.9% during the 3rd quarter. Dark Forest Capital Management LP now owns 425,901 shares of the biopharmaceutical company's stock valued at $903,000 after purchasing an additional 352,204 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in Fate Therapeutics by 1,121.7% in the third quarter. State Board of Administration of Florida Retirement System now owns 340,554 shares of the biopharmaceutical company's stock worth $722,000 after acquiring an additional 312,678 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of Fate Therapeutics by 135.5% during the third quarter. Acadian Asset Management LLC now owns 2,149,597 shares of the biopharmaceutical company's stock worth $4,555,000 after acquiring an additional 1,236,680 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Fate Therapeutics by 281.3% during the third quarter. Assenagon Asset Management S.A. now owns 380,737 shares of the biopharmaceutical company's stock valued at $807,000 after acquiring an additional 280,895 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of Fate Therapeutics by 2.3% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,389,123 shares of the biopharmaceutical company's stock valued at $5,065,000 after purchasing an additional 54,005 shares during the last quarter. 97.54% of the stock is owned by hedge funds and other institutional investors.

About Fate Therapeutics

Fate Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops programmed cellular immunotherapies for cancer and immune disorders worldwide. The company's chimeric antigen receptor (CAR)-targeted NK and T-cell product candidates include FT576 to treat multiple myeloma, and FT522, to treat lymphoma and autoimmune disorders.